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Money Laundering Prevention

In the last few years international terrorism and organized criminality have exposed the world to acts of terror and threats. The terrorist attacks in the USA on 11 September 2001 attracted the particular attention to this problem.

Today all civilized world and banking society operate in a new reality that demands mobilizing means with the aim to combat world’s terrorisms and criminal business. Latvia being a member of the European Union also participates in the global effort against money laundering and terrorism financing. In connection with this there are specific laws and regulations covering Know Your Customer, Anti-Money Laundering and Combating Financing Terrorism fields in place. Rietumu Bank operates in accordance with these laws and regulations, as well as on the basis of international standards in these areas.

We believe that criminal business has no right to be a part of our customers’ business activity. In connection with this Rietumu Bank has developed an internal control system with the aim to prevent the possibility of use of banking services in the processes of money laundering and terrorism financing. The main objective of this system is to identify unusual and suspicious transactions, as well as operations that contradict with requirements of regulatory documents of Latvia and international standards in the field of Anti-Money Laundering and Combating Financing Terrorism.

Besides, the Bank cooperates with law-enforcement agencies of Latvia and international authorities in the field of financial investigations, as well as in solving various offenses. Rietumu Bank has received recognitions of law-enforcement agencies from many countries due to assistance in solving and preventing financial crimes and frauds.

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